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2/01/2018

SUREREMIT RAISES $7M FOR DIGITAL VOUCHER SYSTEM ROLLOUT

With Nigeria as an emerging
market in Blockchain technology and Cryptocurrency adoption, SureRemit, a
non-cashremittance platform that is majority-owned by Nigeria- based fintech
holding company, GreenHouse Capital, has raised $7million on the initial coin
offering (ICO) market.

SureRemit is a non-cash
remittance platform using blockchain technology to help immigrants earmark and
send funds home. Using a digital voucher platform and network of local
merchants across African and other emerging markets, SureRemit offers an
affordable, non-cash alternative for sending money to family and friends at
home. SureRemit charges users zero per cent transaction fees, making it a
cheaper option than other established channels for money transfer. Several
prominent cryptocurrency investors including Hashed, South Korea’s largest
cryptocurrency fund participated in the round. Hashed has previously backed
several notable blockchain and blockchain-enabled projects including Airswap,
Ethereum, and Simple Token.

The fund’s decision to join in
SureRemit’s pre-sale ICO, signals growing interest in the potential for
cryptocurrency to further alleviate remittance challenges in emerging markets
where recipients remain largely disconnected from financial markets.

The platform also gives the
sender visibility and control over what the remittances can be put towards by
specifying use-cases, where digital vouchers from specific local merchants can
be purchased and settled instantly on the SureRemit platform. Whether funds are
used for utility bills, medical treatment, or groceries, SureRemit ensures that
sending a few hundred dollars to family is no longer subjected to fees of 7.45
per cent, which is the global average. Using blockchain, SureRemit can bypass
the traditional banking system and connect customers directly to local
merchants, who pay a small commission fee on each transaction.

This development builds on
GreenHouse Capital’s focus on identifying new ways for blockchain and
cryptocurrency to transform African markets. In collaboration with current and
prospective portfolio companies and public institutions, GreenHouse Capital
plans to harness blockchain technology to accelerate Africa’s growth via the
ICO market.

Describing it as a good
development for African countries, a member of the investment team at
GreenHouse Capital, Kelechi Nwokocha, said: “The implications of growth capital
outside of equity financing is huge. It means SureRemit can scale its
operations without additional capital from existing shareholders. SureRemit is
just one of our 10 Fintech enabled portfolio companies that can potentially
leverage blockchain to address a specific market gap, particularly in Africa.
We are happy to take the lead on blockchain and cryptocurrency implementations
on the continent.”

GreenHouse Capital emerged as a
pioneer in blockchain solutions for Africa. Since spinning off from Venture
Garden Group in 2016, GreenHouse Capital has amassed investments in 14 leading
technology companies, including mobile lending company Mines.io, human ATM
network provider ESL, and Appzone, a noted African banking platform provider.
In 2017, portfolio companies Flutterwave and Helium Health raised millions of
dollars in growth capital from international investors including Greycroft
Partners, PayPal, and Y Combinator.

GreenHouse Capital says it is
excited by the opportunity for SureRemit to leverage the ICO market to fund
future growth. The company foresees blockchain becoming a conduit to tackling
Africa’s significant infrastructure challenges. Whether for payments, power, or
identity, GreenHouse Capital envisions blockchain’s decentralised system as a
critical tool for addressing some of Africa’s greatest market gaps.

SureRemit is re-engineering
Africa’s remittance market and highlights the wide array of potential
applications of blockchain to drive Africa’s development. The ICO raise is
expected to propel future offerings on the continent.

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